Ford Motor Company
Professor Damita Goods
July 26, 2011
Ford Motor Company started out in 1903 with a vision to change society by making their automobiles affordable to the general public. They also created jobs that paid double the industries standards which in turn allowed employees to afford the same cars they were making. Now more than a century later, the Ford Empire faces new domestic, economic and global challenges. So with changing times and growing competitors they are falling short of their own vision and losing a lot of money in the process. In light of those changes a new Chief Executive Officer was named, Alan ...view middle of the document...
I will also explain how an effective yet workable plan can be created, executed and monitored. In closing I will discuss what I believe to be the best option for the Ford Motor Company and I will explain my reasons as to why I believe it is the best option.
Discuss at least three criteria the company should use to decide which of the four listed options is best and the reasons why each criterion should be used. The first criteria should be which option is the most fiscally responsible; making money is the number one goal of any business. Ford Motor Company is already losing money so the best option would be one that would cost the company less money to put into action and eventually in the future produce the most capital. The second criteria the company should use would be the SWOT analysis which helps the company in evaluating the strengths, weakness, opportunities, and threats of each option. The reason this criteria would be important because knowing these things will help you make the best decision because it details everything that could go wrong and everything you stand to gain from each option. The third criteria would be access to the markets; Ford Motor Company is doing exceptionally well in other markets and gaining access wouldn’t be that hard. “Europe, South America, and China have been very receptive to Ford vehicles and the company is doing very well in these markets.” Ford Motor Company, (2011, p. 1).
In light of the possibility that market conditions can and do change, discuss at least three examples of how the company should build-in flexibility to back-up its decision making process. One method would be to have option based planning in which the goal would be to keep all options and commitments open. Another option would be to maintain a cushion of resources and capital. The company could also build in customer surveys to figure out what consumers think of their products during rough market times.
Discuss how an effective action plan can be created and how progress can be monitored. An effective action plan can be created by knowing where you are trying to go; “Successful leaders and professionals understand a simple core concept: if you don’t know where you’re going, you’re likely to wind up anywhere.” ShrUtiable, L. (2011, July 25). Leaders should incorporate a vision in an effective action plan to create some direction for those set to carry this plan out. The next step would be...